South Korea faces rising inflation due to soaring oil prices from the Middle East conflict. The CPI rose 2.2% in March, with energy prices jumping 5.2%. Experts predict further inflation as the impact of the conflict continues.
A US F-15 fighter jet was shot down in Iranian territory, and one of its two crew members was rescued. President Trump announced the safe recovery of the second crew member, amid rising tensions in the Middle East.
On day 37 of the Middle East conflict, US and Israel launched airstrikes on Iran, prompting Iranian counterattacks on Tel Aviv and US bases. Trump issues a 48-hour ultimatum to Iran.
Escalating tensions in the Middle East, particularly the conflict with Iran, are driving up fuel prices in the U.S. Rising transportation costs are affecting businesses and consumers alike. The blockage of the Hormuz Strait is identified as the primary cause of the supply disruption.
Tensions in the Middle East have spilled over to Iraq, with residential areas and public infrastructure hit by drone attacks. These incidents exacerbate regional instability and raise international concerns as geopolitical conflicts expand beyond their original epicenter.
The 36-day Middle East conflict between the US and Iran intensifies as President Trump threatens to unleash 'all Hell' if Iran doesn't reopen the Strait of Hormuz by April 6. Iranian tribesmen reportedly shot at US helicopters during the search for a downed F-15 pilot, escalating tensions. The crisis drives up oil prices and affects global energy markets.
President Trump warns Iran about a deadline to reopen the Strait of Hormuz, threatening further military action. Following joint Israeli-US strikes on Iran, Iran retaliated with missile and drone attacks against Israel and US interests.
In Seoul, a garbage bag theft occurred amid concerns about a potential shortage of naphtha due to Middle East tensions. The disruption in the supply chain for naphtha, a byproduct of oil refining, has led to panic buying of trash bags in Korea. The government has imposed export restrictions on naphtha to ensure domestic supply.
PTT predicts oil prices may ease in Q3 2026 if Middle East conflict cools. The ongoing war since Feb 28, 2026, between US and Israel affects oil prices. PTT explains transparent operations and diversified crude procurement to reduce Middle East dependency.
Planet Labs suspends satellite imagery of Iran and Middle East amid U.S. government request to prevent adversaries from using data for military actions. The decision follows escalating tensions after U.S.-Israel strikes on Iran in February 2024.